5. Are there routine or logical interactions that occur that could be programmed to self-execute (for example, smart contracts)?

If the answer to several of those questions is yes, the next step could be interviewing a variety of different stakeholders to understand their pain points, the Treasury states. It also recommends seeking out diverse teams and documenting the entire process, to help spot weaknesses and opportunities.

US Department of the Treasury warns, though:

“Include both blockchain skeptics and non-technical people. A team comprised of only pro-blockchain people can be blinded by the hype and force a square peg into a round hole.”

The advice concludes by advising that entrepreneurs carve out time for explaining the basics of blockchain technology to everyone from investors to lawyers. Again, this is because diverse perspectives can help teams get beyond the hype surrounding blockchain experiments.

Of course from one point of view such kind of research rather can be rather time-consuming. But from another point of view according to the opinion of officials from US Department of the Treasury “building enough time into your project plan to present and explain blockchain technology in clear, easy-to-understand terms will help you plan for, and move through the process swiftly.”